Watermark Lodging Trust takes title to Chelsea hotel valued at $74M, 34% below 2013 sale price

Watermark Lodging Trust paid Carey Watermark Investors’s WLT CWI 1 LLC $73.5 million for 121 West 26th Street in Chelsea. The deal closed on April 13, 2020, and was recorded on June 15, 2020. The transaction consists of 1 parcel, including the tax class luxury type hotel built after 1960 (H2). The property is 64,764 square feet. The parcel(s) have total development potential of 64,764 square feet.
The average sale price per square foot is $1,135.

Carey Watermark Investors I and II completed a merger into Watermark Lodging Trust. As part of the merger the ownership of this property changed. The value of the property in this transfer is 34 percent below the $111.4 million that Carey Watermark paid for the hotel in 2013.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $900,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link